Secret Escapes makes first foray into Asia and reveals plans to double in size – Telegraph.co.uk
6 months ago Comments Off on Secret Escapes makes first foray into Asia and reveals plans to double in size – Telegraph.co.uk
These countries were chosen because they were sufficiently “Westernised”, he revealed, meaning that the websites could be in English. “Our target demographic is the affluent population within any given geography,” Mr Saint said.
“In Singapore, the proportion of that demographic is huge whereas if we went for larger markets, such as India, it would be just 10pc.”
Indonesia is the only gamble, he added. “We usually work in heavily developed countries where we can use mass media to reach customers but in Indonesia we’re only going after a small percentage of the population. It’s an interesting experiment.”
Secret Escapes is held up as one of the UK’s runaway tech success stories. The business is growing at 230pc year-on-year and its customer base has grown from 4m members in 2014 to 28m today.
The company has generated $650m (£449m) in total revenues since it was launched in 2010.
To fund its expansion into Asia, Secret Escapes raised $60m (£38.7m) late last year through an investment round led by Google Ventures, the tech giant’s seed capital arm that has invested in hundreds of startups including Uber, and Octopus Investments, whose portfolio includes Kabbee, LoveFilm and Zoopla.
Index Ventures and Atlas Ventures, which contributed to Secret Escapes’ £8m funding round in 2012, also participated.
Secret Escapes makes first foray into Asia and reveals plans to double in size – Telegraph.co.uk}